A Partnership firm registration in India is governed by the Indian Partnership Act, of 1932. According to this act, a Partnership is defined as ‘the relation between persons who have agreed to share profits of the business carried on by all or any of them acting for all’. This definition gives three minimum requirements to constitute a partnership firm.

• Agreement between persons desiring to form a partnership whether oral or written.
• The object of the agreement is to share the profits of the business.
• The intended business must be carried on by all the partners or by any of them acting for all of them.

No Minimum Capital : There is no prescribed any minimum capital requirement for obtaining registration allowing small businesses to reap the benefits of a registered partnership.
Credibility : A registered partnership is considered as more credible for borrowing purposes than an unregistered partnership.
Conversion : One of the registering partnership that it easy to change the legal structure.
Better decision-making : Partners share the decision making and can help each other out when they need to. More partners mean more brains that can be picked for business ideas and for the solving of problems that the business encounters.
Greater flexibility : Due to the limited number of partners, there is flexibility in the operations of the business as the partners can amend any objectives or change any operations any time by mutual consent.
Ease of formation : A Partnership is easy to form as no cumbersome legal formalities are involved Registration is not compulsory in the case of the Partnership firm. It can be formed without any legal formality and expenses.
Minimal Compliances : General Partnerships do not need to appoint an auditor or, if unregistered, even file annual accounts with the registrar. Annual compliances are also fewer as compared to an LLP. General Partnerships do need to file Income Taxes and, depending on turnover, service and sales tax.

Step 1: Choose Name: Firstly, a name should be decided on the intended business. That name should be unique i.e. not resembling the name of an existing firm & as per the guidelines issued.

Step 2: Partnership Deed Drafting: A Nexteel Solutions Financial Expert will first understand your business, Partners, Partnership structure and other relevant details to draft a Partnership Deed that is acceptable to all Partners.

Step 3: Partnership Deed Registration: Based on your requirements and the service level you have requested from Nexteel Solutions Providers, we will help you register the Partnership Deed with the relevant authorities to make the Partnership a Registered Partnership Firm. The whole process will take 10-12 working days.

1. ID and Address Proof of Partners like Pan Card/Passport/Voter ID/Aadhar Card/Driving License Copy of the Partners.

2. If Property on Rented: Rent Agreement and NOC from Landlord.

3. if Property is own: Need Electricity Bills or any other Address Proof.

4. Affidavit declaring an intention to become a partner.